Responsive Surface Technology, LLC Receives Follow-On Funding Through Invest Atlanta Programs
Friday, January 11th, 2019
Responsive Surface Technology, an Atlanta-based Smart Bed and sleep technology innovator, announced the closing of $3.2 million of additional funding. The funding comes from two Invest Atlanta-affiliated programs, the Atlanta Advantage Loan Fund and New Markets Tax Credit financing. The capital will not only enable ReST to expand its marketing and research efforts, but also help it open its first company-owned store in West Midtown.
"We are proud that our performance in the year since Invest Atlanta's initial investment gave them the confidence to offer additional funding," said Lloyd Sommers, General Manager of ReST. "The funds will support our efforts to expand distribution so that more people than ever before will have the opportunity to experience why the ReST Bed™ has become the leading Smart Bed."
As the company expands, ReST aims to maintain its position as a world-leading sleep technology innovator. ReST is committed to expanding its Atlanta footprint by continuing to grow its operations in West Midtown and creating new jobs. The company focuses on hiring local talent, including skilled workers from Atlanta's Westside neighborhoods.
"The Atlanta Advantage Loan Fund and New Markets Tax Credit financing are a win-win, providing an additional source of capital to innovative companies like ReST while bringing economic investment and new jobs to other parts of the city," said Dale Royal, President, Atlanta Emerging Markets, Inc. "We are excited to support their expansion with this additional funding and look forward to continued partnership as they grow in Atlanta."
Launched by Advantage Capital and Invest Atlanta, the Atlanta Advantage Loan Fund is a loan program for businesses in the City of Atlanta located in census-designated distressed neighborhoods. Invest Atlanta's New Markets Tax Credit program is administered through Atlanta Emerging Markets, Inc., a U.S. Treasury-certified community development entity. The program aims to attract private investment to Atlanta's underserved neighborhoods and financially support catalytic projects that provide services or create quality jobs accessible to low-income residents.